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Mark Rachesky Named Co-Chairman of Lionsgate

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Lionsgate

The former ally of Carl Icahn continues his ascension in the indie studio's boardroom after increasing his stake to 37.5 percent.

TORONTO – Lionsgate has named Mark Rachesky, its largest shareholder, as co-chairman of the mini-major, along with Jon Feltheimer.

The move was announced Thursday in an SEC filing from the Vancouver-based producer.

Also Thursday, MHR Institutional Partners III LP, an investment fund run by Rachesky, ended a trust agreement with Stanley Beck that parked around 9.3 million shares in Lionsgate, or 6.81% of the stock outstanding.

The end of the trust agreement means Rachesky and his affiliated funds now own and control around 51.28 million shares of Lionsgate, or around 37.4 percent of the outstanding stock.

And Rachesky emerges as Lionsgate’s biggest shareholder, and a continuing ally of Feltheimer and the mini-major’s management, after activist Carl Icahn last month cashed out of the company.